Sunday, January 8, 2017

Chris Buys a Construction Company - Watch out for this Hazard- How To Buy a Business

My first
viewer question of 2017 is from Chris who plans to buy the construction company
he currently works in.

I still
need more questions for my weekly e-mails so if there’s anything you’d like to
ask, please put it in the comments or send me an e-mail.

Chris and
his boss have decided to wait until February to begin their discussions since
this is when business will be slower and he and the owner will have more time.

Chris is
busy doing research about how he could improve the business after he is the
owner. He wanted to ask what kinds of
things he should be doing.

Having lots
of ideas about how you’re going to improve a business you’re going to buy is a
great idea. I’ve often said that the
future is the reason why you want to buy a business; to improve it and make it
more valuable.

There are
certain dangers, however, in getting excited about a business that isn’t quite
yours yet. Learn my concerns in this
video I made: https://youtu.be/wowZG3yFqLk

My biggest
piece of advice for anyone who wants to buy a business is to learn how such
deals are done. Many people think they
know what to expect but after doing a few dozen transactions myself and
advising on over a hundred more I can tell you that most people are unprepared.

In fact, I often question the seriousness of people who claim to
want to buy a business who seem unwilling to invest a few hours into learning
how to do it correctly. (The course
works out to less than $20/hr.) You can
see how my whole buyer system works in this video from last week: https://youtu.be/ooixMSaFf6Y

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Go to www.DavidCBarnett.com
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I’m coming to Charlottetown, Prince Edward Island in January 2017
and Saint John, NB on March 1st. Seats are already filling up. Find
all my live events here: http://davidbarnett.eventbrite.ca